Singapore: Does a CMSL, subsidiary of a bank incorporated in Singapore, or licensed insurer which is exempted from reporting obligations under Regulation 10A or 10C of the SF(RDC)R need to validate

There is no requirement for an entity to validate with MAS its reliance on the exemption under Regulation 10A or 10C of the SF(RDC)R. However, if and when requested by MAS,  the entity is required to demonstrate that it meets the criteria for the exemption.  

References:  

• Regulations 10A and 10C of the SF(RDC)R